Just one year into his tenure at the helm of Hyperfine, Dave Scott is stepping down as president, CEO and member of the board. His resignation came about due to “personal reasons,” the portable MRI machine maker said Wednesday and will take effect July 29.
Scott joined Hyperfine last summer, after racking up decades of experience leading R&D teams at Apple, Verb Surgical, Abbott and Intuitive Surgical. During his year as chief executive, he oversaw Hyperfine’s transition to a public company via a SPAC deal and its subsequent clinical, commercial and workforce expansion.
“I am disappointed to have to step back from my role as president and CEO of Hyperfine. It has been an honor to lead the company through our first full year of commercialization and our transition to becoming a publicly listed company,” Scott said in a statement.
“The Swoop device is a remarkable technology with the power to truly change the landscape of healthcare for both caregivers and patients, and we are only beginning to recognize its immense potential through our 85-system installed-base and expanding clinical use cases,” he added.
The Connecticut-based company will now begin a global search for Scott’s permanent replacement. In the meantime, Scott Huennekens, the current chair of Hyperfine’s board, will temporarily step into the dual role of president and CEO.
Huennekens’ most recent executive experience comes from Verb Surgical, the robotic surgery-focused joint venture between Verily and Johnson & Johnson, where he served as president, CEO and chairperson for nearly four years between 2015 and 2019. Since then, he’s picked up a long list of board appointments at medtech companies, including NuVasive, Acutus Medical, Kardion, Proximie and more.
“First of all, we would like to thank Dave for his tremendous contributions to Hyperfine over the last year. He has led the expansion of our commercial efforts, taken the company public, developed plans for expanded clinical indications, and built a world-class management team,” Huennekens said. “We wish him well as he addresses the personal reasons limiting his ability to continue as president and CEO of Hyperfine.”
The interim CEO continued, “Very importantly, Hyperfine has demonstrated strong early adoption and is well-positioned to continue driving commercial traction while expanding global access to critical imaging and healthcare.”
Despite the upheaval, Hyperfine confirmed that it’s not expecting Scott’s abrupt departure to affect its financial forecasts for the year. It reaffirmed previous projections of full-year revenues between $10 million and $12 million and said it’s planning to install up to 60 of its commercial Swoop systems in 2022—soaring well over 2021’s numbers, which saw total revenue of about $1.5 million and the installation of 23 commercial systems.
Still, the company’s stock took a hit following Wednesday afternoon’s announcement. After spending much of the day climbing to a share price of $2.70—its highest in nearly a month—Hyperfine’s stock quickly turned tail with the news, opening Thursday morning at $2.20.